Moody’s cuts Greek rating, warns on precedent

Moody’s Investors Service cuts Greece’s credit rating three notches describing default as almost certain and warning that the new bailout plan sets a negative precedent for creditors of other debt-strapped euro-zone nations. See full story.

U.S. stock futures slump on debt-talk gridlock

U.S. stock futures point to a lower open for Wall Street while gold hits a fresh nominal record as talks to raise the nation’s debt ceiling fail, increasing concerns the U.S. might default. See full story.

Dollar slips on U.S. debt impasse

The dollar slips against most major rivals as the gridlocked U.S. debt-ceiling talks yield few signs of progress. See full story.

Gold hits fresh record as U.S. debt talks grind on

Gold futures hit a fresh record in electronic trading as U.S. debt-ceiling talks continue. See full story.

No U.S. debt deal as Republicans, Democrats clash

Efforts to conclude a plan to increase the debt ceiling showed little progress Sunday night. See full story.

I looked up one of the few people who saw the housing bust and financial crisis coming years before they happened: Gary Shilling, economist and author of The Age of Deleveraging. While his steadfast bearishness didn’t surprise me, his blunt assessment did. See full story.

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